Crossfirst Bankshares (CFB) M&A Announcement summary

Deal rationale and strategic fit

• Merger creates a $20 billion asset commercial banking franchise, expanding into high-growth markets such as Kansas City, Dallas, Denver, Phoenix, and six new states including Arizona, Colorado, Kansas, New Mexico, Oklahoma, and Texas.

• Strong cultural alignment and complementary business models, leveraging CrossFirst's lending expertise and Busey's capital, deposit base, and wealth management platform.

• Combined company will have 77 service centers across 10 states, nearly 2,000 associates, and presence in five of the top 25 U.S. MSAs, targeting over 400,000 prosperous households.

• Partnership enables leveraging Busey's robust balance sheet and CrossFirst's high-quality loan growth, with no market overlap for seamless integration.

• Expands Busey's regional operating model and product suite, benefiting CrossFirst's client base with enhanced wealth management and payment solutions.

Financial terms and conditions

• 100% all-stock transaction valued at approximately $916.8 million, with CrossFirst shareholders receiving 0.6675 shares of Busey stock per CrossFirst share.

• Pro forma ownership: 63.5% Busey shareholders, 36.5% CrossFirst shareholders; 13-member board (8 Busey, 5 CrossFirst).

• Estimated $20B+ in assets, $17B deposits, $15B loans, and $1.6B tangible common equity at close.

• Minimal tangible book value dilution of -0.6% with a six-month earnback period; anticipated 20%+ EPS accretion in 2026 (excluding one-time charges).

• CrossFirst shareholders to benefit from Busey's quarterly dividend post-closing.

Synergies and expected cost savings

• Estimated $25 million in fully phased-in annual cost savings, about 16% of CrossFirst's non-interest expense.

• 50% of cost savings realized in 2025, 100% thereafter, with 3% annual cost savings growth.

• Revenue synergies identified but not included in financial projections.

• No branch closures or consolidations planned.

• Expected to significantly improve net interest margin and efficiency, driving higher profitability and returns.